Bank of England raises interest rate to highest level in 14 years

Bank of England announced today that it will raise the official interest rate to the highest level since 2008.

Today, the Bank’s Financial Policy Committee voted in favor of raising the interest rate from 1.75% to 2.25%, as part of the bank’s plans to curb rising inflation, which reached 9.9%, the highest rate in nearly 40 years.

The bank also expected that the British economy will record a negative growth rate during the second quarter of this year, which means that the economy will be classified in the “stagnation” category.